OSLO - Scatec Solar has signed an MoU with Egypt's New and Renewable Energy Authority (NREA) for the development of 50 MW solar photovoltaic power under the Government's new Feed-In Tariff Scheme (FIT).
Scatec Solar has incorporated "Scatec Egypt for Solar Energy SAE" with the purpose to develop, finance, build, own and operate the first 50 MW of solar power plant that the company has been awarded as part of the first phase of the Feed-in-Tariff program for solar and wind energy launched by the Government of Egypt.
"Scatec Solar is impressed by the determination of the Government of Egypt to address the energy challenges by inviting experienced solar companies to rapidly build up large-scale solar PV capacity in the country," said Raymond Carlsen, CEO of Scatec Solar. "Together with our finance partners we target to develop, build, own and operate 150 - 200 MW of new solar power plants in Egypt over the next two-three years, investing more than $300 million."
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